The pair fell and then recovered suddenly in the Asian session. It is now trading at 1.1.3095, which is closer to Friday’s high. However, will USDCAD continue the upward trend? Gain insight into the following Technical forecast.
22 October, OctaFX – The USDCAD declined sharply and then pared gains in early trading today. On Friday, Canada released inflation numbers that missed analysts’ forecasts.
In September, CPI rose at an annualized rate of 2.2%. This was lower than the 2.7% that traders were expecting, and the previously-released 2.8%. The core CPI that excludes food and energy products was 1.5%, which was lower than the consensus of 1.8%.
This week, the BOC is expected to raise interest rates for the second time this year. Traders will want to know the bank’s view on the slowed inflation rate.
USDCAD Technical Forecast
The USDCAD pair fell and then recovered suddenly in the Asian session. It reached an intraday low of 1.2980, which was the lowest level since Friday. It is now trading at 1.1.3095, which is closer to Friday’s high.
This level is higher than the 28 and 14-day moving average. Today, the pair is likely to continue moving upwards as traders wait for the statement from the BOC.
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